J. Goldman & Co LP Acquires Shares of 491,679 3M (NYSE:MMM)

J. Goldman & Co LP bought a new position in 3M (NYSE:MMM) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 491,679 shares of the conglomerate’s stock, valued at approximately $63,471,000. 3M accounts for approximately 1.7% of J. Goldman & Co LP’s holdings, making the stock its 4th biggest position.

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after acquiring an additional 280,048 shares in the last quarter. Northern Trust Corp boosted its position in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after purchasing an additional 755,155 shares during the last quarter. Capital World Investors increased its position in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of 3M during the 4th quarter worth about $636,767,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Up 0.8 %

MMM opened at $142.25 on Friday. The company has a market capitalization of $76.56 billion, a P/E ratio of 18.84, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm’s fifty day moving average price is $141.31 and its two-hundred day moving average price is $138.61. 3M has a fifty-two week low of $96.76 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, analysts anticipate that 3M will post 7.8 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on MMM shares. Barclays raised their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price target on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Finally, Royal Bank of Canada upped their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.29.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.